The U.S. Securities and Exchange Commission charged Ernest Ossei Boateng and two New Jersey companies he controls, Intercontinental Wealth Network LLC and I Wealth Network LP, with operating an alleged USD 16 million Ponzi scheme from at least January 2020 through at least March 2026. The complaint alleges that they sold fund interests to more than 200 largely inexperienced investors, primarily Christians of Ghanaian heritage in New York and New Jersey, by promising guaranteed annual returns typically ranging from 25% to 100% or more through a low risk strategy. According to the complaint, Boateng diverted about USD 6.6 million to make Ponzi-like payments to earlier investors and misappropriated at least USD 5.8 million for personal expenses. Money that was invested was allegedly used for speculative day trading and other high risk investments, resulting in more than USD 750,000 in trading losses. The SEC also alleges that Boateng concealed the scheme through fabricated account statements and false explanations for missed payments. The complaint alleges violations of federal securities antifraud provisions by all three defendants and investment adviser antifraud provisions by Boateng and Intercontinental. The SEC seeks permanent injunctions, disgorgement with prejudgment interest and civil penalties, as well as restrictions preventing Boateng and Intercontinental from participating in securities activities or associating with investment advisers, brokers or dealers.

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